China's Oil Export Suspension Sends Brent Crude Soaring

Oil prices surged on Thursday as concerns over potential disruptions to global fuel supplies intensified. The increase was driven by reports of increased US military deployments to the Middle East and China's suspension of oil-product exports.

The new front-month December Brent crude futures contract settled at $102.31 per barrel, up 4.37%, or $4.28. US West Texas Intermediate (WTI) crude futures ended at $92.87 per barrel, gaining 2.71%, or $2.45.

The developments contributed to a volatile trading session, with oil prices initially declining by around 1% before reversing sharply after Reuters reported that Chinese refiners had suspended exports of oil products to destinations outside Hong Kong and Macau until further notice.